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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Dealer who wrote (44498)	11/28/2001 12:04:33 PM
From: Sully-	Respond to of 65232

* 12:00 ET CIENA Corp (CIEN) 19.04 -1.15 (-5.8%): -- Update -- CSFB comments on the company's conference call; says tone was cautious short-term, reflecting timing of carrier spending and next generation purchase decisions by incoming characters; company was upbeat on its strategic position relative to Nortel (NT) and Lucent (LU) and emerging suppliers; says capex more backend loaded in 2002 and believes CIEN will feel this which puts more risk on revenue estimates than it had originally expected; says stock should be weak in the near-term.

To: Dealer who wrote (44498)	11/28/2001 1:56:00 PM
From: stockman_scott	Respond to of 65232

Today's comments from John Murphy... STOCKS BOTTOM MIDWAY THROUGH A RECESSION... The NBER announced yesterday that a recession started back in March -- eight months ago. Since World War 11, U.S. recessions have average about 10 months in length -- with the shortest lasting 8 months and the longest 16. Our intermarket research shows that the stock market usually hits bottom about midway through a recession. Even using the worst case scenario of 16 months, that would mean we're halfway done -- which is when the market should start doing better. If we use the average span of 10 months, we're already two months beyond the midway point (which would coincide with the September bottom). The fact that "late contraction" sectors like consumer cyclicals and "early expansion" sectors like technology are assuming market leadership is encouraging. That's why we think the market has bottomed. Our shorter-term work, however, suggests that the recent rebound has gone too far. That's why we've been anticipating a possible fifty percent pullback as part of a potential bottoming pattern. With so many market averages (and group indexes) hovering around their 200-day moving averages, this would be the logical place for a pullback to occur. Although we've been turning increasingly cautious over the last week or so, we plan to take advantage of that pullback to add more funds to the market.

To: Dealer who wrote (44498)	11/28/2001 8:03:11 PM
From: stockman_scott	Respond to of 65232

A Brocade Update... PALO ALTO, Calif. (Dow Jones)Brocade Communications Systems Inc. (BRCD) topped earnings expectations for its fiscal fourth quarter even as revenue slipped 12%. However, the maker of network switches for computer data centers predicted sales could rise modestly from the fourth to the first quarters. It also claimed its powerful new SilkWorm 12000 would be released for commercial shipments sometime during the first three months of 2002, countering concerns of a delay in the important product. Brocade said on a conference call firstquarter earnings would be 5 cents a share on revenue that would be flat or rise slightly from the fourth quarter to between $116 million and $120 million. The company Wednesday reported fourthquarter sales of $116.5 million, down from $132.1 million a year ago. The net loss was $53.7 million, or 24 cents a share, compared with profits of $27.2 million, or 11 cents a diluted share, a year ago. Without charges of $77 million, earnings were 5 cents a share, or 1 cent above Wall Street's expectations. The quarter ended Oct. 27. If the company hits its targets for the first quarter, results would still be down from a year ago, when revenue was $165 million and earnings were 13 cents. Brocade Chief Executive Greg Reyes said the company's new SilkWorm 12000 switch would begin shipping in the first calendar quarter of 2002. The product is among the first wave of faster storage switches running at 2 gigabits per second instead of 1 gigabit. Reyes said the company has made more than 100 of the complex switches for testing and has a backlog of orders for more than 100. "We have an incredible number of enduser orders," Reyes said, vowing the product would not be delayed. "The backroom chatter about the product is overblown." Brocade shares rose modestly in aftermarket trading, rising 47 cents, or 1.6%, to $29.29. The shares had fallen $3.02 during the regular session to $28.82. By Mark Boslet, Dow Jones Newswires, 6504961366; mark.boslet@dowjones.com